Corient, the U.S. division of Canada’s CI Financial, is acquiring H.M. Payson (HMP), a Portland, Maine-based registered investment advisor (RIA) with a 170-year history and $7.9 billion in assets under management. This acquisition marks Corient’s entry into Maine and significantly enhances its footprint in northern New England.
“HMP’s stature as Maine’s largest RIA and its legacy of outstanding service make it a perfect match for Corient,” says Kurt MacAlpine, CEO of Corient. “Their collaborative approach and unwavering focus on client success align seamlessly with our mission of prioritizing clients in all that we do.”
Founded in 1854, HMP caters to a diverse clientele. According to its most recent Form ADV regulatory filing from March, the firm serves over 2,900 retail clients who are not classified as high-net-worth individuals, alongside 710 high-net-worth clients. In addition, it works with a broad range of charitable organizations, businesses, and retirement plans, managing a trust business with $1.2 billion in assets.
HMP operates as a fee-only firm, offering advisory services either through asset-based fees or fixed fees, according to its ADV disclosure.
Daniel Lay, president and managing director of HMP, emphasizes the cultural and value alignment between the two firms, highlighting how the partnership will bolster HMP’s ability to serve its clients. “Fiduciary excellence and client-first service have been the hallmarks of HMP’s 170-year history,” Lay says. “Joining Corient allows us to deliver more for our clients while maintaining the principles that have defined us for generations.”
This transaction is Corient’s sixth acquisition in 2024 and is expected to close in the first half of 2025. A Corient spokeswoman describes the pipeline for future acquisitions as “robust.”
The announcement comes during a pivotal period for Corient’s parent company, CI Financial. Last month, CI revealed plans to sell itself to Mubadala Capital, a subsidiary of Abu Dhabi’s sovereign wealth fund, in an all-cash transaction that will take the firm private.
Despite this ownership transition, CI has stated that taking Corient public is not currently under consideration, a strategy the company had previously entertained.
